Evening Star Newspaper, September 15, 1930, Page 15

Utilities Featured in Draggy Trading—Weak Spots Appear. BY JOHN A. CRONE. Special Dispatch to The Star, NEW YORK, September 15.—Dullness and selectivity, marks of the opening of the Curb Exchange today, continued as_the session progressed. Public utilities, such as Electric Bond & Share, eased after an early bulge. American & Foreign Power warrants were down nearly 2 points. Citles Serv- ice was more active than usual and held fairly firm. The drop in call money to 215 per cent on the curb post late in the thrd hour stemmed the de- cline, without, however, bringing about increased activity. Missouri-Kansas Pipe Line was & con- spicuously weak spot in the active trad- ing mediums. This stock rapidly sank 2% points to a record low of 145, Which contrasts with its earlier peak this year of 36!5. Most of the early selling emanated from Chicago, where the issue also is traded in. Missouri-Kansas Pipe has been con- [ducting negotiations with the Colum- bia Gas & Electric Co. Although de- tails of these negotiations never have been divulged officially, the include an outright p souri-Kansas Pipe Line properties. Most oil shares moved lower in the | forenoon and traders were inclined to | stress statements made by Sir Henri Deterding, managing director of the Royal Dutch Shell group, who, accord- ing to private Amsterdam dispatches, said the oil industry cannot be placed on a sound basis so long as United States laws interfere with the restric- tion of petroleum production. Declines approximating a point took place in Humble oil and Gulf Oil, while smaller reactions occurred in Im- rial Oil of Canada, Standard Oil of entucky, Vacuum and Cosden. The weakness of Missouri-Kansas Pipe Line, which is variously classified 88 & pipe line and as a natural gas company, checked activity and advance in the natural gas shares during the third hour. BONDS ON THE CURB DOMESTIC BONDS. Hllg, M: mu,lt. " s 6B, 2D A e o e 17 Arkans P & L 88 i 4 A% Tel ULl sths 44 © 90% 80% tes Valy 65 42 wa 108% 1087 108 5 16435 1047 104 "s‘an 10214 103 T8 E 38 10014 A'S3 ww 81 A 1Con Gas Balt 4'is H 10213 10 Consum Pow 4las 1Cont G & E 55 A 'S 18 Gontinen oIl Si4s '37 11 Crane o 3 Cu G 1Det C G 2] Det Int t Inter Brd ix GG 6148 £ (H (3 whrsennBion: en Bronae 65, n Vend 6s Glidden Co 5% rla Power S5 18 Inves Co 85 A '47 xu I L&P 5s ‘57 971 971 8 Jers C PAL $1us A 43 10315 1034 3Eans GAE 6s°A 2022107 " 107 3 Kelvinator 65 36 'xw 92 o2 15 100%2 100} &C 5)as '50 10312 10314 103 Laclede Gas 5tas 33 101%4 1 8 Libby McN & L'ss ‘42 953 9742 b0 35 ' Seem Lock 8us '60 w 7 Saxet A | PEPETE SR & 1U 8 Rub 8155 1U S Rub 6'3s '38 27 8 Rub 6s 4 Unfon Gulf ¢ '50 1%Van Sweringen 6x 4 Wabash 58 D ‘80 7 Waldor{-Astor 7s 2 West News Del 65 E W T b0 % 5 o FOREIGN BONDS. .9 8 Baden Con Mn Ts 2 Brisbane City 65 1 Buen Air Pr 7ias, n %' Y 05 4102, 8 90s 10i% w-. xmv 4 3, 12% *01ts L) 83, 8 Lso 1l Sup Pow 65 1Lima Cy Peru 8% 3 Neaeiiin_ Col' 15 95 Nippon EI P 6} 4 Parana Brazil 58. 13 Prussis F 8 6s '8 86% P8 6lhs 911 981 8 8 31 v 8 s A 83 & 3 Unit B1 Ber 75 98 xu. 9 o o1 ~With warrants. xw—Without war- 05, neoNew. Wi—When issued. Note—All stocks are sold in one hundred-share ‘lota exceptiing those designated by the letter s (80s) which shows those stocks to bt sold in odd lots ~Prev. 1030. THE _EVENING STAR, WASHINGTON, Stock and Dividend Rate. Sales— y G Aluminum Co of Am. Alum Ltd cum pf 6). 314 Amer Austin Car. ... 12% AmC P&L B (10%). 15'% Am Cyanamid (B).. 3 383 104 29% 119 T 20 94% ™ 15% 814 8% 814 5% 304 By 90 38% 8 3% 91y 24% 124 54 146 18 6% 33% 29% 55 2414 314 39 i) 4 3 3% Y 5 3 25 25% 19 2% 17% 104 106% 24'e 88 314 5% 31 3% 11% % % 3% 1% 10 88 3% 71 20 8% 6 28 5% u 4 1% % 2% 6514 2% 3 231 25% 9% 10 12% 31 31% 41 4 140 7 2% 18% T 0% 92% 16% 9915 15% e 11% Am Dept Store: Am For Pow (war). Am Gas & El (31).. Am Invest Ine (B) Am Laund Mach (4). Am Maize Prod (2).. Am Maricabo....... Am Natural Gas. Am Superpow (1). Am Superpwr 15t(6) Am U &G B vtc 40c.. Anglo Chil Nitrate Appalachian Gas Arkansas Nat Ga Ark Nat Gas (A)... Asso Elec Ind 130('\ Asso G&E A (at2.40) Ass0 G&E (A) dbrts Ass0G & E pf (5). Asso Rayon pf (6 Atlas Util Corp Auto Voting M . Auto Vot M ev pf lvl Aviation Aviation Bellanca Aireraft. Bell Tel of Can (8) Bliss (E W) Go (1).. Blue Ridge Cp (40¢). Blue Ridge cv pfas.. Brazil Tr & Lt (h2).. Buckeye PL (4).... Buft N&EP pf (1.60). Bulova ev pf (314) Burco Ine cv pf (3).. Cable & Wire A rets. Cable & Wire B rets. Cab & Wire l\f("h() Canada Marconi. Cartb Syndicate. Carnegie Metals Cent Atlantic States. Cent Pub Sve A al7 Cent Pub Sv Del. Cent St El (k40c) Chain Store Devel. .. Chat Ph Al nv (50¢) . Chicago Corp (The). Childs Co pf (7). « 108 Cities Serv (g30c)... 159 Cities Serv pf (6).... Colon Oil. ... Col Oil & Gas vte Col Pict vte (f1% Com & Sou war....., Com Wat Sv (b6%).. Comstock Tunnel Consol Auto Merch Consol Copper. Consol Dairy Pr (2). Consol Laundries (1 Cons Ret St pf (8¢) [ Cons Royal Oil (50¢c) Cont Shares pf (). 3 3 o - ™ EESHTTS: TP -ty PP [ = e L L T Copper Range (ll Cord Corp. Cosden Oil Creole Petroleum Cresson Consol Curtiss Flying Sv Curtiss Wright war. Cusi Mex Mining. Dayton Alr & Eng. ... Deere & Co (m1.20).. De Forest Radio. Detroit Alrcraft. ... Diamond Match w.i. Diamnd Mtch pf w.i.. Distil Corp Seag (1). Dixte Gas & Util. ... Douglas Air (76¢). .. Dre: Dresser Mfg (B) (2), Driver Harris new. . Dubilier Cond & Rad Duke Power (j15). Dugquesne Gas Cp w Durant Motor: East St Pow B (1). Eisler Elee (1) . El Bond & Sh (b6) . El Bond & Sh cu pf. Elec Pow Asso A (1) El P&L 2d pf A (7) .+ Elec Sharehold (31). Empire Corporation. Empire Fire Ins. 22% Employ Reins (1%).. 3% 8% 2 * 8 ‘1% 13% 4% 28 614 10% 2% 2% 27 9815 7% £l 2% 2% 1% 15% 115% 28 4 115% L] 13 8 18% 18% 26% 61% 1% [ 173 30% % Europ Elec deb rt: Ex-Cello A & T (8 Fabrics Finishing. Falcon Lead. Fedders Mfg Co (A). Financial Inv N Y. Fokker Aircraft. Foltis Fischer Corp. . Ford Mot Can A t1% Ford Mot France 28¢ Ford Mot Ltd 37 %c.. Fox Theater Cl (A).. General Baking. . Gen Baking pf (3). Georgia Pow pf (6).1 Glen Alden Coal (8). Globs Underwriter Gold Coin (new). Golden Center....... Gold Seal Flec new Goldman Sach T C GrA&PTpf (7). Guard Fire Asso (2). Gulf Oil of Fa (1%).. Happiness Candy.... Houston Oll of Tex. . Humble O1l (2) Imp Oil.Can reg(50c) Imp Ol of Can (50¢) Ind Ter 11lu Oil (A).. InsCo N Am (13). Insurance See (1.40). Intercontinent Petn. Int Petroleum (1)... Internat Super (f1).. Int Util war (new).. L3 10 Add 00. Open. Righ. bn' ~Prev. High. 191 (2508) Low. aly. Close. 17 16% | Meszabi Mo Kan or Ind Stock and Dividend Rate. Internat Util (B). Intl Util pt pf (7). .. Irving Air Chute (1). Lane Bryant (2). Lefcourt Real 11.85. . Leonard Oil. .. Lily Tulip Cup (133) Joew's Inc deb rts Loew's Inc war).... Lone Star Gasn (1). Long Isl cu pf B (6). Long 1s1 Lt pf (7 Louisiana Lan & Ex. Mass Util Asso Mavis Bottling Memphis ugar N J ( at Transit (1) New Eng Pow pf (8). ewmont Min (f4).. Y Merchandise (1) Y Rio & Bu Aires. . %« N Y Tel pf (6% iag-Hud Pow ( iag-Hud Pow A w Niles-Bem-P (12%). Noma El Corp (80¢). Noranda Mines (2).. Nor Am Util Sec..... or Europ Oil Corp. . Nor St Pow A (8).... Nor St Pow pf (7)... Ohio B Tel cu pf Pac Light pf (6) Fac Pub Sv (1.30). 3 Pac Western Oil. . Pandem Oil. . Peninsul Tel p Pennroad Corp (20¢) D. €., MONDAY, SEPTEMBER 15, 1930. FINANCIAL. kS Received by Private Wire Direct to The Star Office Sales— | Add 09. Open. Bish. Lgw. Clote RTINS R s0n o8u 981 19 98% 15% asi Met & Min Ine (1 MIAW St Ut (%), .. Mid West Ut (b8%). Midld Nat Gas A 1.20 Miller & Sons (2). P L (b10%). Mo Kan P L vte Nat American Co. Nat Aviation. Nat Fam St pf (2). Nat Fuel Gas (1) 3 | Pwr Sve(6). 408 o3 108 ). 10s 1008 iy n 12 10s 25 PenmMex Fuel (2) Penn Wat & Pow (3) Perryman Elec. Plerce Gov (1%5)... Pitney B P n (20c) Plymouth Oil (2) Premier Gold (24c). Prince & Whit (25¢). 1 4 1 1 1 1 1 Prince & Whit pf (3) Prudential Invest. Pub Util Hold w w. Toc 103% 19% Bt 1% 25% 4% 8% 2% + 9l 2% 17% A% 28% 1% 20% 10 2% 3614 100% 81% 10% 2% 2% 2 t Us Us Us Us 1 19 30 30 118% 118% 1 17% 88% 224 22% 29% 63% 12% L 19 39% 6 119% 1 17% 88y 1 16% 87% 224 e amama tock. " Plus tPartly extra Pub Ut Hold (war).. Radio Products (2).. Rainbow Lum Pr A.. Rainbow Lum Pr B.. Reliance Manag. DAL TEC, arn Co Rmk Lt&P . Russek’s 5th Av 1.60. Safeway Sors war 2d 30: & St Anthony Gold. St Regis Paper (1) Salt Creek Prod (2).. Saxet Co Schulte Un §c-31 St.. Seaboard Util (50¢). Seg Lock & H (50c) .. SelInd all ctfs(4%). Sentry Safety Cont., Shenandoah Corp. Shenandoah Cp (a3 SoCal Ed pf B (1%). Southland Roy (1) SW Dairy Products Standard Motors. Stand Oil Ind (23).. Stand Oil Ky, (11.80) Stand Oil Ohio (2%). 50s Stand O Ohlo pf ( Strauss Roth. Stutz Motor Car..... Sunray Oil (40¢c) !wm Internat (2%). pa Electric ($2). nicolor Inc Teck Hughes (60c).. Thatcher Sec Corp. Tish Realty & Con. Tran Con Air Tran... Trans Lux DL P S Trunz Pork 8 (1.60).. 6% Tublze Chatel (B)... Twin St NG A pt (1). Ungerleid. Un Oll Asso (32).. Union Tobacco. . Utd Corp (war) Utd Found b2-36 sh.. Utd Gas Co (new)... Utd Gas (war). Utd Gas pt (7). Utd Lt & Pow A (1). Utd Lt & Pow B (1). Utd Lt & Pow pt (6). U'td Shoe Mach 4% . U 8 Elec Pow Ww.... U 8 Finishing 78 Foll (B) (1) J S & Int Secur & Int Sec 18t (5). Lines pf (1).... & Overseas war. U S Radiator (2). Utd Verde Ext (2). Utah Apex (50c Util Pow & Lt ( Utility Equities Vacuum Ofl (4) ezuela Petro Waitt & B'd B1.20). Walgreen Co. Wenden Copper Wil-Low Cafeteria Zonite Products (1).. RIGHTS. InsCoof N A. & Zonite Prod...Oct 1 Dividend rates in dollar BE o G N sa 2 e 13 5 22 32 9 118% | 144 1) 514 45 | ¥ Corp.. Expire. Octl 6 2 ed on last 1Plus 4% in stock. & Payable in . ¢, Adiustment alvidend. { Plus h Plus 1% in stock. 3 Plus m Plus 3% in stock. n Plus 2% 2% - - quarterly or semi-annual 10% in stock. Washington Produce Butter—One-pound prints, 44a48; tub, 42a43. Poultry, alive—Spring chickens, large, medium, 25a2 27a28; Leghorns, small and fowls, 33a35; Leghorn_fowls, ducks, 23a2: , fresh killed—Beef, 19a20; veal, ; lamb, 23a25; fresh hams, 25; | bacon, 28; ki 3 stocl Fruits—Watermelons, Rocky Fords, flats, Hurlocks, Eastern Shore of Maryland, large crates, 1.25a1.50; Persian melons, honeydews, 1.25a2.00; honey- 6.00a8.50; limes, per 100, 1.50; -ppm nearby, 75a1.50; box stock, 2.758 ches, Elbertas, 1.50a3.00; Hales, loupes, 1.50a2.5/ balls, pe: 13 50ad 50; pony baske! 15a16; Toosters, | Home dressed—Spring chickens, large, medium, Lowls, large, 28430 small and medium, 7821 18a20; roosters, 3.00a4.00; lemons, 6.00a6.50; small, fowls, large, 18a20 15; 24a25; medium, 32a33; small, t,urkeyn 32a35. pork loins, 6. k—Calves, 6a10; lambs, 9. 40a75; oranges, plums, 18, Tokays, 2.50a2.75; Thompson, seedless, 1.25; 7550; pears, figs, 4.50a5.00; grapefruit, 6508 1.25a2.50. Vegenblu—?aums 3.5 00; tom: 3.00a3.50; 4.00; 1.00; bunches, caulifiower, 2.50a3.00; squash, two-peck spinach, baskets, 7! 1.75a2.25. gs—Current ‘receipts, 20a30; hen- cut off, peck 0: peas, 4.00a6.00; string 2 75; lima beans, New Jer- sey, 5.00; Eastern Shore of Maryland, 100 bunches, per bushel basket, 1.25; corn, per dozen, 30a40; eggplant, 75a turnips, 1.50a2.00; beets, carrots, per 4.00; cucumbers, a2. 5a1.00; kale, 1.50; Egi nery, 34a35, PAB.IS BOURSE PB.IC!S PARIS, September 15 (#).—A heavy tone prevalled on the Bourse tods ‘Three per cent rentes, 89 francs centimes. francs 50 centimes. don, 123 francs 75 centimes. The dollar was quoted at 25 francs 46% centimes. Pive per cent loan, 25826 24a25; Leghorn ducks, 15. 30a32; 34; fresh shoulders, 32 smoked hams, 28; smoked shoulders, 20; lard, in bulk, 15; one-pound : ta- 1.00a1.25; 1 25; grapes, Ribiers, 3.00; r 100 Exchange on’ Lon- CHICAGO LIVE STOCK MARKET CHICAGO, September 15 (#) (U. 8. Department of Agriculture) —Hogs— 35,000 head; included 11,000 direct; fairly active; steady with Priday's best time; top, 11.15 for choice 210-240 pounds; bulk, 180-280 pounds, 10.85a 11.10; packing sows, 8.75a9.25, few 9.50; MJeht light, good and choice, 140-160 pounds, 9.75a10.60; lightweight, 160- 200 pounds, 10.35a11.15; medium weight, 200-250 poupds, 10.90a11.15; MIVWEWE:, 250-350 pounds, 10.15a packing sows, medium good, 275-500 pounds, 8.35a9.50. o Cattle, 24,000 head; calves, 3,000; strictly good and choice cattle, all rep- resentafive welights, steady; 13.00 paid for yearlings; some held higher; best heavies, 12.50; lower grades weak to 25 lower; medium grades and heavies showing most decline; she stock slow; slaughter cattle and vealers, steers, good and choice, 600-900 pounds, 11.25a 13.25; 900-1,100 pounds, 10.50a13.00; 1,100-1,300 pounds, 9.75a12.75; Il00- 1,500 pounds, 9.50a12.50; common and medium, 600-1,300 pound] 6.50210.25; heifers, good and choice, 550-850 wunfl!, 10.00a13.00; common and medium, 6. 10.25; cows, good and choice, 5. OM 25 common and medium, 4.00a5.25; low cutter and cutter, 3.00a4.25 (bulls, yearling excluded); good choice beef, 6.00a7.00; cutter to medium, 4.50a6.50; vealers (milk fed), good d cholce, 11.00a13.00; medlum 9.00a11.00; cull and common, 7.50a9.00; stocker and feeder cattle, steers, good and choice, 500-1,050 pounds, common and medium, 5.00a7.00. Sheep — 5,000 head, 25a50 lower: desirable native lambs mostly 8.75 to packers; few to city butchers, 9.00; extyeme top, 9.25: bucks, 7.50a8.00; Montanas, 8.75; best rangers held above 9.25; lambs, 90 pounds down, Eood choice, 8.50a9.35; med.mm. 7.00a .50; all weights common, 5.00a7.00; ewes, 90 to 150 pounds, medium to choice, 260!4 25; all weights, cull and common, 1.50a3, feeding lambs, to 75 pounds, Choue. G'Ibl'l 5. : Comntion E!plndl. NEW September 15 PRl P e the ,,.,‘z wnhmmn Co. of Jackson, Mich., have approved acquisition of the Cardon Phonograph | N of Jackson. Co.,, also 00: % AUTOMOBILE TRADE IN BETTER POSITION Increase in Retail Sales Reported by Detroit Area—Factory Orders Gain. Special Dispatch to The Star. DETROIT, September 15.—Signs of coming pickup in the automobile trade have become apparent since September 1. One i5 that retail sales in the Detroit area ran up a total of approximately 900 cars during the first, six days of this month as compared With only 500 during the first week of August. This is shown in a total for the one week period covering all makes, and is distinguished by the fact that the middle and higher priced lines of cars are represented in it as well as the low- priced lines, whjch throughout the Sum- mer have held 4 long lead on the others. In part the upward spurt is credited to a half rate on license plates and registration for the remainder of the year, but the company executives are pointing to it as significant because none like it hu been reported locally for months p: ‘They belleve it is to continue, al. though it is difficult as yet to forecast what the end of September may bring in the way of change. What strengthens the bellef is the fact that orders re- celved by the sales departments of several factories took a jump ahead at the same time. Last Monday several of the larger rlnnu reported the morning | 3 mail as bringing in more requests for immediate shipments than have been received over any week end since July 1. Resumption of operations by virtually all plants on part time basis is now complete and has brought with it added life and aggressiveness to the trade in eneral. . (Copyright, 1930.) BANK CLEARINGS. NEW YORK, September 15 % | erence for American wheat. ICHANGE IN WHEAT SHIPMENTS URGED |British Seek* Direct Contact! With U. S. Producers of Grain. BY FRANK I. WELLER, Associated Press Farm Editor. For some observers there is deep sig- nificance in the presence in this coun- try of representatives of the Co-oper- ative Wholesale Soclety, Ltd., of Great | Britain. Robery Fleming and Joseph Brad- shaw, ditectors of the concern, visited the White House and chatted with the President about tariffs and counter- vailing duties and Anglo-American ac- cord—but_they went on to Chicago to buy wheat. The third man of their party was A. H. Hobley, one of the smartest grain buyers in the British empire. The first intimation of their real mission in America developed during !4their conference with members of the Farm Board. After a_brief exchange of pleasantries the Britishers came directly to the point and proposed a contract between their organization and the Farm Board for the direct shipment of wheat from the American producer to the English consumer. Extent of Organization. Chairman Legge explained that such a matter was primarily the concern of the Farmers' National Grain Corpora- tion and suggested that the visitors get in touch with George Milner of Chi- cago, general manager of both the Farmers' National and the Graln Sta- bilization Corporation. The incident comprises all the infor- mation Washington obtained on the proposal except for that contained in a pamphlet disclosing that the organi- zation is made up of 12,000 retail so- cleties operating 5,000 stores, does an annual business of $450,000,000 and manufactures 260 bags of flour, weigh- ing 280 pounds each, every hour of every day. If American wheat, which slipped to new low levels for the season last week due to heavy offerings of Canadian grain and forecasts of larger Spring wheat ylelds in this country, were to be used in the manufacture of all that flour. the Grain Stabilization Corpora- tion would have less worry over its 60,000,000 bushels of old crop wheat and the Farmers' National less worry over competition in. the world market. It is not known, however, that the British visitors propose to use American wheat exclusively or that Mr. Miiner would sell them “stabilization” wheat. ‘The Farm Board said that wheat held from the 1929 crop would not be put on the market in competition with the 4930 crop until prices reached the point at which it was bought. It might be {a question of opinion whether wheat shipped direct to the consumer con- stituted “competition.” Reason for Contract. Of far greater interest to some is the reason for proposing such a contract. The British traders buy on a price rather than a quality basis. It is not believed they have any particular pref- They do desire, however, that American wheat compete heavily on the world market because the competition brings prices down. The question observers are ask- ing themselves is whether the British fear the corn shortage in this country .s_going to absorb so much American wheat that little will be left for the world market and believe it would be the smart thing to sew up enough to meet their demands at current low prices. Such a theory is underlaid ‘with the possibility that buyers on the other side of the Atlantic may foresee a rise in wheat prices. If wheat is_substituted for corn in live stock feed, the 700,000, 000-bushel corn deficiency might easily absorb the increase of 32,000,000 bushels in the American wheat yield. Unusually heavy and early marketing of Canadian wheat is putting about 6,000,000 bushels a day in interior elevators and wheat is pouring out of North America at the rate of 10,000,000 bushels a week. Black Sea shipments, including Rus- sian cargoes, are averaging 2,500,000 bushels a week, while Southern Hemi- sphere shipments indicate the wheat supply is almost exhausted. Most of the European consuming countries which harvested large yields of their own last year had much smaller crops this year and neither Argentina nor Australia will be able to offer much wheat until the new crop starts to move in January. Changes in Week. Until then, if American farmers feed wheat, there is only the relatively small Canadian_crop left to feed the world. Whether they do or not depends largely on whether feed grains remain rela- tively high compared to wheat. Corn slipped back 2 to 3 cents & bushel this week, oats 1 to 2 cents, rye declined less sharply and barley was independ- ently firm. GRAIN MARKET CHICAGO, September 15 (#).—Top- pled over by heavy selling and by 7.- 585,000 bushels increase of the United States wheat visible supply, wheat to- day fell to new low-price records. September _delivery of wheat collapsed to below 80 cents a bushel. Only in June and July, 1914, have wheat values been as low as at present since as far back at 1907 with wheat and touched new bottony levels Wheat closed unsettled, 14 to % net lower, corn, 3 to 1% down; oats, 7 off to Y advance, and provisions un- changed to a rise of 10 cents A High. Low, Olose. he 905 September December NEW YORK. COTTON NEW YORK, September 15 (Spe- cial).—Cotton prices held extremely steady today and recovered 15 points at one time under light hedging and heavy rains in Central and Western sections of the belt. The course of prices was influenced, however, by out- side developments and the break in wheat into new low prices of the year Wiped out the improvement, leaving the list at the bottom. Closing quotations were unchanged to 2 points higher than Saturday. Spots were reduced 5 points to 10.95. Cotton range: innl. Low. Clolll 10.85 11,10 October, October; December, old Dccemb!rv 14 Janua 1. Janua! 1 1. 1 1 BE‘H‘EE RETAIL BUYING. NEW YORK, September 15 (#).—The low point of the downward trend in retail sales is believed to have been reached in the earlier part of August, & current survey by Standard Statistics Co. The survey adds that executives of many retail or!;nlnuom in the de- (Spe- clal) — ok clearings ugm |3 ‘f "'nk el o%0/006 * M.;&";M Noerve Bask ‘credits 139,000,000 206,000,000 partment and chain store, as well as the mail-order fields, report expanded buy- ing during the latter part of August, which has been continued thus far this month, e acaimicat B e Oats and rye gave way i | (now total $275.000,000 since the cur- AUSTRIAN BUSINESS SHOWING FIRST SIGNS OF RECOVERY Nation Follows Lead of France in Repatri- ating Dollar Loans—Farm Products Prices Remain BY CHARLES F. SPEARE. Special Dispatch to The Star. VIENNA, September 15.—The reduc- | tion of the Austrian bank rate to 5 per cent this week was & deferred recog- | nition of the ease of credits in Europe. | It is hoped that it will assist industrv, which is now showing the first signs of recovery. The other aspects of the matter is that it may send Austrian | capital abroad seeking higher returns. Recently the Vienna banks and pri- vate individuals here have been buying the last Austrian 7 per cent loan, which, although at a discount of 215 per cent | in New York, is quoted here at a premium of 1'; per cent. A loan of the city of Vienna, floated in America in | 1927, has returned here to the extent | of about 40 per cent. Savings on Increase. Austria is regarded as a poor country, but it is doing on a small scale what | Prance is doing in repatriating her dollar loans. Partly this is to get ad- vantage of the high yields and partly it is because of a desire to keep part of the investing capital in other coun- tries. Savings have been steadily rising and rency was stabilized. The position of the Austrian Bank is the strongest m history, with a reserve of 82 per cent gold and foreign credits. Austria_suffers less than the rest of Central Europe from political unrest, but she is economically affected by the | present psycholcgy of her neighbors to | the east and north. Half the popula- | tion is engaged in agriculture. Low prices for thelr products reduced their | purchasing power. In addition to a | dole voted to the industrial employed, Parliament has voted a subsidy for farmers which is a political and com- mercial expedient. Consequently, the budget for the next year will show the strain after having had a good margin in previous years. The vicious circle of | high wages and commodity prices plus post war opportunism in the form of the dole is inescapabie here. ‘War Burden. Freed of reparations payments, Aus- tria’s war burden is light compared to that of Germany, here have been great losses in markets and industrial sections. Austria is slowly recovering from the former through reorganization and adjustment of her outside require- ments, but a big handicap is the customs barrier - of the independent states. Austria can never recover her commercial prestige. She must make at Low Levels. | greater use of her domestic resources. | There has been progress, as is evi- denced by the fact that her own crops supply 80 per cent of her domestic re- quirements, against 60 per cent formerly. There are big possibilities in the de- velopment of hydroelectric power. An important program along these fnes is under way, financed by private capital. The federal railways have been electri fled from the Swiss border to Salzburg. The extension of the electrification to Vienna is being discussed. In a few years electric service to Basle and | Budapest will be completed. It will re- | quire foreign capital to do it, probably another dollar loan. The coming election in Germany ex- cites Vienna bankers. Economic condi- tions in Europe are so bad.that there is more of a tendency toward pessimism than to hopefulness. Every one expects an increase in the radical parties. The question is, what will be the effect on the American long-term loans, and the | answer is that it will probably be slight. On the other hand, fear persists that German shares held heavily in some American fnvestment trusts will suffer. The spendthrift Reich, its provinces and municipalities, must henceforth _cut their cloth to new measurements. It is absurd for Rumania, Hungary or Poland to expect additional American loans in the present state of politics and in view of the waste of the proceeds of earlier borrowings. Swiss Conditions. The best informed banking opinion here says that Italy is in a relatively strong position, though she has her own economic and social problems like others. Situated between France and Italy, Austria must always consider the pfilb\llly of trouble between these two rivals, ‘This writer, in crossing Switzerland, found evidence of a crisis there affect- ing all Europe. The textile, chemical and watch industries are depressed and 10,000 are unemployed. The tourist sea- son has been poor, further reducing the national income. The Swiss bankers are recelving large deposits from frightened Germans and French, made to avoid taxes. Sixty per cent of all Swiss de- posits today are German and French. Interest rates are so low in Switzerland that the banks there are able to- lend back to Germany at good net yields. Switzerland is also repurchasing her | American dollar loans. She now holds the larger Ercporuon of the Govern- ments 8s, which will probably be called in January. The same is true of the Belgian 8s, callable after February and largely cached in the country of origin. (Copyright, 1930.) Markets at:a Glance NEW YORK, September 15 (#).— Stocks weak; _utilities _pilot ~pivotal shares downward. irregular; e and widitis 1 haet Semand. " Omrb weak; Technicolor reaches new 1930 low. ~ Foreign exchanges _irregular; | sterling easies. Cotton barely swldx beneficial rains in Oklahoma. Sugar | lower; increased spot, offerings. Coffee | higher; European buying. CHICAGO, September 15 (#).—Wheat | easy; favorable weather and increased | visible supply. Corn easy; favroable weather and poor cash demand. Cattle | steady to lower. Hogs steady. CHICAGO STOCK MARKET - CHICAGO, September 15.—Following is the complete official list of transac- tions in stocks on the Chicago Stock Ex- change today: Sales in thousands. 150 Acme Steel 250 Allied Mot Ind 150 Am Radio. . 50 Assoc T & T STOCKS. . Low. Close. 50 50 80 | probably are influenced by the value of | bonds 45 covered by a good margin, Rail Stocks BY GEORGE T. HUGHES, (This is the forty-first of & series of brief analyses by Mr. Hughes on railroad securjties. The Intent js not to recol mend the purchase or sale of any par- ticular stock, but to give the investor such information as may enable him in- telligently to chart,his own course.) ‘Western Maryland. Buyers of Western Maryland bonds presumably have investment in mind. Buyers of Western Maryland stock the property to some other road as part of a larger system. Interest on ‘the charges having been earned on the average during the eight vears ending #%% A_15 EASY MONEY RATES 4 MAY BE CONTINUED Plan to Call Treasury Bonds Seen as Indication - of Trend. BY J. C. ROYLE, Money is going to continue “easy It is obvious that the officials of the Treasury Department think so. That is the view of financiers who have studied the announcement by the Treasury giving notice that $1,269,000,~ 000 In bonds would be called next March. The Treasury is obliged to give stx months’ notice of such action, In addition, the Treasury announced that the last issues of certificates of indebtedness had been oversubscribed by $912,000,000, the iargest excess sub- scription ever announced for f GOV- ernment issue. Probable Motives. There are two motives which may have actuated the Treasury in adopt- ing this policy. One is that the de- partment believes it can refund this billion and a quarter of the public debt at a lower interest rate than it now bears. The bonds called row pay interest at the rate of 3!, per crnt annually. The last issue of cvrllflcnuu of indebtedness was obtained at 235 per_cent and 1t is understood unoffi- clally that the department feels con- fident it can refund the obligations re- tired at not more than 3 per cent. With a billion and a quarter dollars involved, the saving is a matter of- moment. A second motive may be a desire to put the billion and a quarter doilars into circulation, for a time at least. It is felt that when the money for these bonds is paid to investors it may stim- ulate them to spend a part of it and s0 prove of general aid to business through the medium of retail trade. It is also possible that a part of this total may go into other bonds which pay & higher rate of interest, and this would of course, prove of benefit to the bond market_and incidentally have a bull- ish influence on the stock market in general. At all events, a continuation of easy money conditions is indicated. There is now a plethora of funds in the banks awaiting investment. There is little likelihood that these funds will be ex- hausted, since bankers are using ex- treme caution in making loans. This leads to the conclusion that funds will be ample not only to refinance the Government debt but to leave sufficient for all legitimate business enterprises when they wish to expand owing to in- creased demand. Income Taxes. In view of the ease with which Gov- ernment requirements are being financed and the low interest rates, many financiers regard it as unlikely that there will be any increase in the in- come tax rate, although the margin between Government requirements and income tax payments may be narrowed by the drop in profits of some busi- nesses in the past year. (Copyright. 1930) Specializing in Established Business Investments JAMES Y, PENNEBAKER Nat.5291 1520 K St. N.W. Money to Loan l«lm by first deed of trust on real estate. Prevailing interest and commission. December 31, 1929, over 1.6 times. In the calendar year 1929 they were earned 1.9 times, There are two issues of Western Maryland bonds which enjoy an active market, the first 4s of 1952 selling on a slightly better than 5 per cent basis and the 5'cs of 1977 selling on & basis of almost 5!2 per cent. No dividends have been paid on any class of stock of the present company since organi- zation. There are three classes, a first preferred 7 per cent cumulative, a second preferred 4 per cent non-cumu- Jative and a common all of $100 par value. As of July 1, 1930, the accumu- lated unpaid dividends on the first pre- ferred amounted to $84. Until this amount is cleared up, or until some 1000 Chicago Corp ‘pt. 50 Chic Investors ...... 300 Chic _Investors pi... 2 300 Construct Mat Bf.... 41 4 | 150 Consumers 4 100 Libby-McNeil 150 Lincoln Print. RS Music . uaker Oats’ B 50 400 Zenith Radio. 7 Stock sales today, 353,700 shares. Bond sales today, $19,000. SILVER QUOTATIONS. NEW YORK, September 15 (#).—Bar silver, 36%. s e Constructing a railway in now costs approximately §: land a Iou!, holders of the other issues can il Line, plan for funding it has been worked | expect no return. Inasmuch, however, as all classes of stock have equal voting | rights, namely, one vote for each share | held, the common is actually traded on | its value for control. At present the Baltimore & Ohio owns about 43 per cent of the stock, | suicient to insure working control, but | has been directed by the Interstate Commerce Commission to dispose of its holdings. No purchaser satisfactory to the Baltimore & Ohlo has been found as_yet. In its latest consolidation plan the commission put the road in the pro- posed fifth trunk line grouping, headed by the Wabash and the Seaboard Air but whether this allocation will stand is not at all certain. However that may be, minority stockholders will | doubtless be recognized in the final ar- rangement. On the basis of the first half of 1930 earning on the common, after allowing | for preferred requirements at the regu- | lar rate, but not taking into account the accumulations on the first prefer- red, will probably be about $2.80 a| shabe, which corapares " mith $2.10 share’ actually earned in 1929, a better | showing than made by most carriers. o vl : BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, September 15.— Last sale BONDS. 1000 United Ry & Elec income 4s. A Railway 1st 55. Neltly $5,000,000 worth of toys and games were exported from the United States last year. Joseph I Weller ‘msh & # » I am a responsible general con- tractor with plenty of good refer~ ences. | want to locate in Wash« ington and am looking for a con- cern or an individual who wants their building operations handled by contract, by percentage or su- pervision only. For any kind of building construction, I can pres pare plans, specifications and esti- m;ites. Address Box 250-M, Star office. First Mortgage Loans Lowest Rates of interest and Commission Thomas J. Fisher & Company, Inc. | 3,50r10 Year Loans On Improved Real Estate IN Nearby Montgomery County and the District of Columbia Lowest Interest Rates BOSSEHELPS Founded 1907 Loan Correspondent John" Hancock Mutual Life Co. Insurance 1417 K St National 9300 for sale a limited amount of choice first trust notes in denominations of $100 up, bearing 615% interest. The s type of securmes which please careful investors CHAS.D.SAGER 924-14t SLAW. Mg REAL ESTATE LOANS at Low Interest Rates TYLER & RUTHERFORD er ‘the more meritorious eases as they come to our attention. If Interested Loan! Loans may be secured on de- sirable, income-producing Wash- ington real estate at a minimum cost. A SAFE INVESTMENT ., , . will be found in our real estate mortgage bonds! l!m.!sm I:mlnmm Capital Resources, 53,800,000 Address Box 230K, Star Office 24 JACKSON PLACE